“A Star Is Born” (+ +) is a remake of the 1954 classic with Judy Garland and the 1976 remake with Barbara Streisand. It stars Lady Gaga and Bradley Cooper, who also directed the film. The movie is a bit slow at times, but Lady Gaga really is an amazing singer, and also a very good actress in her first movie role. Cooper is convincing as a self-destructive rock star heading toward oblivion. Coincidentally, FRBNY President John Williams recently suggested that the star quality of the neutral rate of interest, or r-star, is fading: “[A]t times r-star has actually gotten too much attention in commentary about Fed policy. Back when interest rates were well below neutral, r-star appropriately acted as a pole star for navigation. But, as we have gotten closer to the range of estimates of neutral, what appeared to be a bright point of light is really a fuzzy blur, reflecting the inherent uncertainty in measuring r-star.” Williams had been one of the biggest promoters of the star; now, he’s saying it’s a has-been!